Market Cap : 616.4 M | Enterprise Value : 299.05 M | P/E (TTM) : 9.66 | P/B : 0.78 |
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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score no higher than -1.78, which implies that the company is unlikely to be a manipulator.
During the past 13 years, the highest Beneish M-Score of Hibiya Engineering was 0.00. The lowest was -3.48. And the median was -2.34.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
* The bar in red indicates where Hibiya Engineering's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Hibiya Engineering for today is based on a combination of the following eight different indices:
M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
= | -4.84 | + | 0.92 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * | + | 4.679 * | - | 0.327 * | |||||||
= |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
This Year (Sep20) TTM: | Last Year (Sep19) TTM: |
Accounts Receivable was $184.0 Mil. Revenue was 156.85346011422 + 142.49169441392 + 268.06653459314 + 169.10935738444 = $736.5 Mil. Gross Profit was 24.150242923032 + 21.872461149192 + 56.117316956959 + 22.483753586127 = $124.6 Mil. Total Current Assets was $523.0 Mil. Total Assets was $721.5 Mil. Property, Plant and Equipment(Net PPE) was $5.8 Mil. Depreciation, Depletion and Amortization(DDA) was $0.0 Mil. Selling, General, & Admin. Expense(SGA) was $0.0 Mil. Total Current Liabilities was $135.0 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 Mil. Net Income was 5.1709931905786 + 4.7407374356515 + 27.287765180329 + 6.7735401142061 = $44.0 Mil. Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil. Cash Flow from Operations was 0 + 0 + 0 + 0 = $0.0 Mil. |
Accounts Receivable was $171.4 Mil. Revenue was 162.20941045192 + 103.02724660748 + 233.09337500888 + 153.3698041166 = $651.7 Mil. Gross Profit was 20.020457504184 + 12.381036102102 + 44.050842013491 + 17.620415082434 = $94.1 Mil. Total Current Assets was $388.8 Mil. Total Assets was $690.8 Mil. Property, Plant and Equipment(Net PPE) was $6.2 Mil. Depreciation, Depletion and Amortization(DDA) was $0.0 Mil. Selling, General, & Admin. Expense(SGA) was $0.0 Mil. Total Current Liabilities was $128.7 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
= | (183.95855628901 / 736.52104650572) | / | (171.42458620048 / 651.69983618489) | |
= | 0.24976687 | / | 0.26304224 | |
= |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
= | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
= | (94.072750702211 / 651.69983618489) | / | (124.62377461531 / 736.52104650572) | |
= | 0.14434981 | / | 0.16920599 | |
= |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (522.99008419438 + 5.8339410355245) / 721.4577276042) | / | (1 - (388.83206248838 + 6.1837455830389) / 690.78482425144) | |
= | 0.26700622 | / | 0.42816374 | |
= |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
SGI | = | Sales_t | / | Sales_t-1 |
= | Revenue_t | / | Revenue_t-1 | |
= | 736.52104650572 | / | 651.69983618489 | |
= |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
= | (0 / (0 + 6.1837455830389)) | / | (0 / (0 + 5.8339410355245)) | |
= | 0 | / | 0 | |
= |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
= | (0 / 736.52104650572) | / | (0 / 651.69983618489) | |
= | 0 | / | 0 | |
= |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((0 + 135.03300533199) / 721.4577276042) | / | ((0 + 128.69629905152) / 690.78482425144) | |
= | 0.1871669 | / | 0.18630447 | |
= |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
= | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
= | (43.973035920765 - 0 | - | 0) | / | 721.4577276042 | |
= | 0.061 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
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